Upcoming Regulation upon Crypto..
2018-01-27
Hello everyone today we are going to talk G20.
As you know G20 (or G-20 or Group of Twenty) is an international forum for the governments and central bank governors from 20 major countries as China, Germany, Russia , England, the United States, and the European Union.
This forum aims to discuss policy pertaining to the promotion of international financial stability. This year they will talk about the future and integration of the cryptocurrency in our daily life.
We already know the Russian and Chinese positions regarding the cryptocurrencies, let's see others. FYI the forum will take place in Buenos Aires this March.
My opinion
- Nowadays we are stepping forward to a digital area. Checks are already digitals, we don't need to use credit cards anymore, even paper money is needless because you can manage everything with your credit cards. And to cypher the data is a good way to protect us from stealing, hackers.
- The only issue is regulation and Bitcoin can't be regulated. I presume all the countries will emit their own currencies and Bitcoin will be our new gold.
What do you think will happened? What will be decided? Is there any impact on Bitcoins and other cryptocurrencies.
I think the only way BTC and other crypto is going to go mainstream is i it is properly regulated in terms of KYC with exchanges, taxes etc. Otherwise it will just get banned etc. In my view the best thing that can happen is proper regulation, treating it like any other investment. That open the door for all new kinds of investments from organisations who are now forced to stay on the sidelines
the question if crypto will be considered as investment do you think it would affect its mass adoption? the third party will stay alive as long as crypto ?
If considered an investment now, no issue, as long as the goal and expectation is to be serving as a proper way of payment. In my view.
Yes, bitcoin can be regulated. Any country is free to come up with any laws they want, as long as the laws themselves are legal and supported by the lawmakers. Saying it can not be regulated is like saying the internet can not be regulated - yet it is highly regulated and there are tons of laws (like child protection) that can put people in jail.
That said, even if bitcoin itself could not be regulated, it still is part of your income and taxes are regulated already. On top of that any country can regulate what source of payment or currency of payment banks or companies can legally accept. So if they choose to ban crypto, nobody in your country can accept it.
But more importantly: Crypto is open source. Every government is able to make their own crypto coin - and you can rest assured that a majority of the people will always choose a official and government backed currency over a highly volatile internet coin of unknown origin that is hard to understand for the laymen. If a government is responsible for the well-being of over 300 million people and their jobs, they are certainly not going to base that on a currency that can loose 30% of it's value in a single day. In the case of the USA we are talking about 18.57 trillion USD, so 6.9 trillion USD gone in a single day - that would put the US back into the stoneage.
As much as i love crypto, it still has a long way to go.
ps.: if someone thinks only fiat can be taxed: wrong. If i would pay you with a car, you would have to pay taxes based on the worth of the car estimated in the fiat of your country.
totally agree
nice!!
yes, you are right. the currency is going to shift from hard money to BTC
thank you, stay updated
You're right when you say that the Bitcoin can not be regulated, very good post my friend, I really liked it!
thank you, stay updated
Nice article. Well I think the governments are going to get down right nasty.
https://steemit.com/crypto/@bycoleman/israel-plans-its-own-digital-currency
done
i hope efforts to regulate will take much time and in the end they will fail cause people massively take action into cryptospace - and of course the decentralised aspect
so no regulation even if it will takes time ? almost everything has to be controlled and regulated by countries otherwise they won't allowed it, meaning it will open a second kind of market, black marcket ?
that´s what i hope will happen - but if regulation starts in single countries people will of course look for ways to flee - even into black markets. (private coins)
I think regulations are not really possible for the cryptospace - only if planed global.
damn...and that´s sounds scary!